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Following reports of terminations of employees working in ANZ, another bank has announced it is cutting jobs.
According to an article by The Business Times, CIMB has reportedly laid off 12 workers from its Singapore broking business.
It was reported that the retrenched employees mostly came from back-end support functions.
Half of them were contract staff, the article stated.
There were no retrenchments in the banking business.
Human Resources reached out to CIMB for a statement but had not received it before the publication of this article.
“Similar to our industry peers, we are not spared from the harsh realities of the deteriorating capital markets,” a spokesperson for the bank told The Business Times.
“We need to adjust to the realities of today’s market conditions and we are continually looking at ways to reduce costs through streamlining of our broking operations. The decision to reduce headcount even though the number is small is never easy but necessary to ensure we remain nimble and robust to weather the continued headwinds.”
CIMB’s move came amid a dull period for the Singapore equity market, The Business Times article stated.